II 

118TH CONGRESS 

1ST SESSION S. 393 

To enhance Social Security benefits and ensure the long-term solvency of 

the Social Security program. 

IN THE SENATE OF THE UNITED STATES 

FEBRUARY 13, 2023 

Mr. SANDERS (for himself, Ms. WARREN, Mr. WHITEHOUSE, Mr. MERKLEY, 

Mr. VAN HOLLEN, Mr. PADILLA, Mrs. GILLIBRAND, Mr. BOOKER, Ms. 

SMITH, and Mr. MARKEY) introduced the following bill; which was read 

twice and referred to the Committee on Finance 

A BILL 

To enhance Social Security benefits and ensure the longterm solvency of the Social Security program. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Social Security Expansion Act’’. 

6 (b) TABLE OF CONTENTS.—The table of contents of 

7 this Act is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Across-the-board benefit increase. 

Sec. 3. Computation of cost-of-living increases. 

Sec. 4. Increase in minimum benefit for lifetime low earners based on years in 

the workforce. 


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Sec. 5. Extended benefit eligibility for children who are full-time students. 

Sec. 6. Payroll tax on remuneration up to contribution and benefit base and 

more than $250,000. 

Sec. 7. Tax on net earnings from self-employment up to contribution and benefit base and more than $250,000. 

Sec. 8. Tax on investment gain. 

Sec. 9. Social Security Trust Fund established. 

1 SEC. 2. ACROSS-THE-BOARD BENEFIT INCREASE. 

2 (a) INCREASE OF FIRST BEND POINT PERCENT3 AGE.—Section 215(a)(1)(A)(i) of the Social Security Act 

4 (42 U.S.C. 415(a)(1)(A)(i)) is amended by striking ‘‘90 

5 percent’’ and inserting ‘‘95 percent’’. 

6 (b) ADJUSTMENT TO BEND POINT AMOUNT.— 

7 (1) IN GENERAL.—Section 215(a)(1)(B) of the 

8 Social Security Act (42 U.S.C. 415(a)(1)(B)) is 

9 amended— 

10 (A) by redesignating clause (iii) as clause 

11 (iv); and 

12 (B) by inserting after clause (ii) the fol13 lowing new clause: 

14 ‘‘(iii) For an individual who is eligible for an 

15 old-age or disability insurance benefit (or who dies 

16 before becoming eligible for such a benefit) in any 

17 calendar year after 2023, the amount determined for 

18 the individual under clause (ii) of this subparagraph 

19 for purposes of subparagraph (A)(i)(I) shall be in20 creased by 22 percent.’’. 

21 (2) CONFORMING AMENDMENT.—Clause (iv) of 

22 section 215(a)(1)(B) of the Social Security Act (42 


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1 U.S.C. 415(a)(1)(B)), as redesignated by paragraph 

2 (1), is amended by inserting ‘‘(after the application 

3 of clause (iii), when applicable)’’ after ‘‘clause (ii)’’. 

4 (c) EFFECTIVE DATE.— 

5 (1) IN GENERAL.—The amendments made by 

6 this section shall take effect on January 1, 2024, 

7 and shall apply with respect to monthly insurance 

8 benefits payable under title II of the Social Security 

9 Act (42 U.S.C. 401 et seq.) for months in calendar 

10 years beginning on or after such date. 

11 (2) RECOMPUTATION OF PRIMARY INSURANCE

12 AMOUNTS.— 

13 (A) IN GENERAL.—Notwithstanding sec14 tion 215(f) of the Social Security Act (42 

15 U.S.C. 415(f)), the Commissioner of Social Se16 curity shall recompute primary insurance 

17 amounts to the extent necessary to carry out 

18 the amendments to this section. 

19 (B) RULE OF APPLICATION.—In recom20 puting the primary insurance amount of an in21 dividual who initially became eligible for old-age 

22 or disability insurance benefits before January 

23 1, 2024, the Commissioner of Social Security 

24 shall apply the increase described in clause (iii) 

25 of section 215(a)(1)(B) of the Social Security 


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1 Act (as added by subsection (b)(1)(B)) to the 

2 amount determined under clause (ii) of such 

3 section 215(a)(1)(B) for the calendar year in 

4 which the individual initially became eligible for 

5 such benefits. 

6 SEC. 3. COMPUTATION OF COST-OF-LIVING INCREASES. 

7 (a) IN GENERAL.—Section 215(i)(1) of the Social Se8 curity Act (42 U.S.C. 415(i)(1)) is amended by adding 

9 at the end the following new subparagraph: 

10 ‘‘(H) the term ‘Consumer Price Index’ means 

11 the Consumer Price Index for Elderly Consumers 

12 (CPI–E, as published by the Bureau of Labor Sta13 tistics of the Department of Labor).’’. 

14 (b) APPLICATION TO PRE-1979 LAW.— 

15 (1) IN GENERAL.—Section 215(i)(1) of the So16 cial Security Act as in effect in December 1978, and 

17 as applied in certain cases under the provisions of 

18 such Act as in effect after December 1978, is 

19 amended by adding at the end the following new 

20 subparagraph: 

21 ‘‘(D) the term ‘Consumer Price Index’ means 

22 the Consumer Price Index for Elderly Consumers 

23 (CPI–E, as published by the Bureau of Labor Sta24 tistics of the Department of Labor).’’. 


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1 (2) CONFORMING CHANGE.—Section 215(i)(4) 

2 of the Social Security Act (42 U.S.C. 415(i)(4)) is 

3 amended— 

4 (A) by striking ‘‘and by section 9001’’ and 

5 inserting ‘‘, section 9001’’; and 

6 (B) by inserting ‘‘and section 3 of the So7 cial Security Expansion Act,’’ after ‘‘1986,’’. 

8 (c) NO EFFECT ON ADJUSTMENTS UNDER OTHER

9 LAWS.—Section 215(i) of the Social Security Act (42 

10 U.S.C. 415(i)) is amended by adding at the end the fol11 lowing: 

12 ‘‘(6) Any provision of law (other than in this title, 

13 title VIII, or title XVI) which provides for adjustment of 

14 an amount based on a change in benefit amounts resulting 

15 from a determination made under this subsection shall be 

16 applied and administered without regard to the amend17 ments made by section 3 of the Social Security Expansion 

18 Act, and, for purposes of making such an adjustment 

19 under such a provision, this subsection as in effect on the 

20 day before the date of enactment of such Act shall con21 tinue to apply.’’. 

22 (d) PUBLICATION OF CONSUMER PRICE INDEX FOR

23 ELDERLY CONSUMERS.—The Bureau of Labor Statistics 

24 of the Department of Labor shall prepare and publish the 

25 index authorized by section 191 of the Older Americans 


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1 Amendments Act of 1987 (29 U.S.C. 2 note) for each cal2 endar month, beginning with July of the calendar year fol3 lowing the calendar year in which this Act is enacted, and 

4 such index shall be known as the ‘‘Consumer Price Index 

5 for Elderly Consumers’’. 

6 (e) EFFECTIVE DATE.—The amendments made by 

7 subsection (a) shall apply to determinations made with re8 spect to cost-of-living computation quarters (as defined in 

9 section 215(i)(1)(B) of the Social Security Act (42 U.S.C. 

10 415(i)(1)(B))) ending on or after September 30 of the sec11 ond calendar year following the calendar year in which this 

12 Act is enacted. 

13 SEC. 4. INCREASE IN MINIMUM BENEFIT FOR LIFETIME 

14 LOW EARNERS BASED ON YEARS IN THE 

15 WORKFORCE. 

16 (a) IN GENERAL.—Section 215(a)(1) of the Social 

17 Security Act (42 U.S.C. 415(a)(1)) is amended— 

18 (1) by redesignating subparagraph (D) as sub19 paragraph (E); and 

20 (2) by inserting after subparagraph (C) the fol21 lowing new subparagraph: 

22 ‘‘(D)(i) Effective with respect to the benefits of indi23 viduals who become eligible for old-age insurance benefits 

24 or disability insurance benefits (or die before becoming so 

25 eligible) after 2023, no primary insurance amount comVerDate Sep 11 2014 01:42 Feb 28, 2023 Jkt 039200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\S393.IS S393

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1 puted under subparagraph (A) may be less than the great2 er of— 

3 ‘‘(I) the minimum monthly amount computed 

4 under subparagraph (C); or 

5 ‘‘(II) in the case of an individual who has more 

6 than 10 years of work (as defined in clause (iv)(I)), 

7 the alternative minimum amount determined under 

8 clause (ii). 

9 ‘‘(ii)(I) The alternative minimum amount determined 

under this clause is the applicable percentage of 1 10 ⁄12 of 

11 the annual dollar amount determined under clause (iii) for 

12 the year in which the amount is determined. 

13 ‘‘(II) For purposes of subclause (I), the applicable 

14 percentage is the percentage specified in connection with 

15 the number of years of work, as set forth in the following 

16 table: 

‘‘If the number of years The applicable 

of work is: percentage is: 

11 ...................................................................................... 6.25 percent

12 ...................................................................................... 12.50 percent

13 ...................................................................................... 18.75 percent

14 ...................................................................................... 25.00 percent

15 ...................................................................................... 31.25 percent

16 ...................................................................................... 37.50 percent

17 ...................................................................................... 43.75 percent

18 ...................................................................................... 50.00 percent

19 ...................................................................................... 56.25 percent

20 ...................................................................................... 62.50 percent

21 ...................................................................................... 68.75 percent

22 ...................................................................................... 75.00 percent

23 ...................................................................................... 81.25 percent

24 ...................................................................................... 87.50 percent

25 ...................................................................................... 93.75 percent

26 ...................................................................................... 100.00 percent

27 ...................................................................................... 106.25 percent


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‘‘If the number of years The applicable 

of work is: percentage is: 

28 ...................................................................................... 112.50 percent

29 ...................................................................................... 118.75 percent

30 or more ........................................................................ 125.00 percent. 

1 ‘‘(iii) The annual dollar amount determined under 

2 this clause is— 

3 ‘‘(I) for calendar year 2024, the poverty guide4 line for 2023; and 

5 ‘‘(II) for any calendar year after 2024, the an6 nual dollar amount for 2023 multiplied by the ratio 

7 of— 

8 ‘‘(aa) the national average wage index (as 

9 defined in section 209(k)(1)) for the second cal10 endar year preceding the calendar year for 

11 which the determination is made, to 

12 ‘‘(bb) the national average wage index (as 

13 so defined) for 2022. 

14 ‘‘(iv) For purposes of this subparagraph— 

15 ‘‘(I) the term ‘year of work’ means, with re16 spect to an individual, a year to which 4 quarters of 

17 coverage have been credited based on such individ18 ual’s wages and self-employment income; and 

19 ‘‘(II) the term ‘poverty guideline for 2023’ 

20 means the annual poverty guideline for 2023 (as up21 dated annually in the Federal Register by the De22 partment of Health and Human Services under the 

23 authority of section 673(2) of the Omnibus Budget 


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1 Reconciliation Act of 1981) as applicable to a single 

2 individual.’’. 

3 (b) RECOMPUTATION.—Notwithstanding section 

4 215(f)(1) of the Social Security Act, the Commissioner of 

5 Social Security shall recompute primary insurance 

6 amounts originally computed for months prior to Novem7 ber 2018 to the extent necessary to carry out the amend8 ments made by this section. 

9 (c) CONFORMING AMENDMENT.—Section 209(k)(1) 

10 of such Act (42 U.S.C. 409(k)(1)) is amended by inserting 

11 ‘‘215(a)(1)(E),’’ after ‘‘215(a)(1)(D),’’. 

12 SEC. 5. EXTENDED BENEFIT ELIGIBILITY FOR CHILDREN 

13 WHO ARE FULL-TIME STUDENTS. 

14 (a) IN GENERAL.— 

15 (1) IN GENERAL.—Section 202(d) of the Social 

16 Security Act (42 U.S.C. 402(d)) is amended— 

17 (A) in paragraph (1)— 

18 (i) in subparagraph (B)— 

19 (I) by striking ‘‘or (ii)’’ and in20 serting ‘‘(ii)’’; and 

21 (II) by inserting ‘‘or (iii) was the 

22 child of an individual entitled to dis23 ability insurance benefits or of an in24 dividual who dies a fully or currently 

25 insured individual and was a full-time 


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1 student at an educational institution 

2 and had not attained the age of 22,’’ 

3 after ‘‘22,’’; 

4 (ii) in subparagraph (E)— 

5 (I) by striking ‘‘and (ii)’’ and in6 serting ‘‘(ii)’’; and 

7 (II) by inserting ‘‘and (iii) is not 

8 a full-time student at an educational 

9 institution during any part of such 

10 month (in the case of a child who is 

11 the child of an individual entitled to 

12 disability insurance benefits or of an 

13 individual who dies a fully or cur14 rently insured individual)’’ before the 

15 comma at the end; 

16 (iii) in subparagraph (F), by striking 

17 clauses (i) and (ii) and inserting the fol18 lowing: 

19 ‘‘(i) in the case of a child who is the child 

20 of an individual entitled to old-age insurance 

21 benefits— 

22 ‘‘(I) the first month during no part of 

23 which the child is a full-time elementary or 

24 secondary school student, or 


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1 ‘‘(II) the month in which the child at2 tains the age of 19, and 

3 ‘‘(ii) in the case of a child who is the child 

4 of an individual entitled to disability insurance 

5 benefits or of an individual who dies a fully or 

6 currently insured individual— 

7 ‘‘(I) the first month during no part of 

8 which the child is a full-time student at an 

9 educational institution, or 

10 ‘‘(II) the month in which the child at11 tains the age of 22,’’; and 

12 (iv) in subparagraph (G), by striking 

13 clauses (ii) and (iii) and inserting the fol14 lowing: 

15 ‘‘(ii) in the case of a child who is the child 

16 of an individual entitled to old-age insurance 

17 benefits— 

18 ‘‘(I) the first month during no part of 

19 which the child is a full-time elementary or 

20 secondary school student, or 

21 ‘‘(II) the month in which the child at22 tains the age of 19, and 

23 ‘‘(iii) in the case of a child who is the child 

24 of an individual entitled to disability insurance 


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1 benefits or of an individual who dies a fully or 

2 currently insured individual— 

3 ‘‘(I) the first month during no part of 

4 which the child is a full-time student at an 

5 educational institution, or 

6 ‘‘(II) the month in which the child at7 tains the age of 22,’’; 

8 (B) in paragraph (6)— 

9 (i) in subparagraph (A)— 

10 (I) by striking ‘‘or (ii)’’ and in11 serting ‘‘(ii)’’; and 

12 (II) by inserting ‘‘or (iii) is the 

13 child of an individual entitled to dis14 ability insurance benefits or of an in15 dividual who dies a fully or currently 

16 insured individual and is a full-time 

17 student at an educational institution 

18 and has not attained the age of 22,’’ 

19 after ‘‘22,’’; and 

20 (ii) by striking subparagraphs (D) 

21 and (E) and inserting the following: 

22 ‘‘(D) the earlier of— 

23 ‘‘(i) in the case of a child who is the child 

24 of an individual entitled to old-age insurance 

25 benefits— 


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1 ‘‘(I) the first month during no part of 

2 which the child is a full-time elementary or 

3 secondary school student; or 

4 ‘‘(II) the month in which the child at5 tains the age of 19; and 

6 ‘‘(ii) in the case of a child who is the child 

7 of an individual entitled to disability insurance 

8 benefits or of an individual who dies a fully or 

9 currently insured individual— 

10 ‘‘(I) the first month during no part of 

11 which the child is a full-time student at an 

12 educational institution; or 

13 ‘‘(II) the month in which the child at14 tains the age of 22, 

15 but only if the child is not under a disability (as 

16 so defined) in such earlier month; or 

17 ‘‘(E) if the child was under a disability (as so 

18 defined), the termination month (as defined in para19 graph (1)(G)(i)), subject to section 223(e), or (if 

20 later) the earlier of— 

21 ‘‘(i) in the case of a child who is the child 

22 of an individual entitled to old-age insurance 

23 benefits— 


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1 ‘‘(I) the first month during no part of 

2 which the child is a full-time elementary or 

3 secondary school student; or 

4 ‘‘(II) the month in which the child at5 tains the age of 19; and 

6 ‘‘(ii) in the case of a child who is the child 

7 of an individual entitled to disability insurance 

8 benefits or of an individual who dies a fully or 

9 currently insured individual— 

10 ‘‘(I) the first month during no part of 

11 which the child is a full-time student at an 

12 educational institution; or 

13 ‘‘(II) the month in which the child at14 tains the age of 22.’’; and 

15 (C) in paragraph (7), by adding at the end 

16 the following new paragraphs: 

17 ‘‘(E) The term ‘full-time student at an edu18 cational institution’ means an individual who is in 

19 full-time attendance as a student at an elementary 

20 school (but only in the case of an individual who has 

21 not attained the age of 19) or a secondary school or 

22 an institution described in section 102 of the Higher 

23 Education Act of 1965 (20 U.S.C. 1002), as deter24 mined by the Commissioner of Social Security (in 

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1 missioner) in the light of the standards and prac2 tices of the schools and institutions involved, except 

3 that no individual shall be considered a ‘full-time 

4 student at an educational institution’ if the indi5 vidual is paid by his employer while attending a 

6 school or institution at the request, or pursuant to 

7 a requirement, of his employer. An individual shall 

8 not be considered a ‘full-time student at an edu9 cational institution’ for the purpose of this section 

10 while that individual is confined in a jail, prison, or 

11 other penal institution or correctional facility, pursu12 ant to the individual’s conviction of an offense (com13 mitted after the effective date of this sentence) 

14 which constituted a felony under applicable law. An 

15 individual who is determined to be a full-time stu16 dent at an educational institution shall be deemed to 

17 be such a student throughout the month with re18 spect to which such determination is made. 

19 ‘‘(F) Except to the extent provided in such reg20 ulations, an individual shall be deemed to be a full21 time student at a school or educational institution 

22 during any period of nonattendance at a school or 

23 institution at which he has been in full-time attend24 ance if (i) such period is 4 calendar months or less, 

25 and (ii) the individual shows to the satisfaction of 


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1 the Commissioner of Social Security that the indi2 vidual intends to continue to be in full-time attend3 ance at a secondary school or institution described 

4 in section 102 of the Higher Education Act of 1965 

5 (20 U.S.C. 1002) immediately following such period. 

6 An individual who does not meet the requirement of 

7 clause (ii) with respect to such period of nonattend8 ance shall be deemed to have met such requirement 

9 (as of the beginning of such period) if he is in full10 time attendance at such a school or institution im11 mediately following such period. 

12 ‘‘(G) A child who attains age 22 at a time when 

13 the child is a full-time student of an educational in14 stitution (as defined in subparagraph (E) and with15 out application of subparagraph (F)) but has not (at 

16 such time) completed the requirements for, or re17 ceived, a diploma or equivalent certificate from a 

18 secondary school (as defined in subparagraph (C)(i)) 

19 or, if such child is a student at an educational insti20 tution described in section 102 of the Higher Edu21 cation Act of 1965, a diploma, degree, or equivalent 

22 degree from such an institution, shall be deemed (for 

23 purposes of determining whether the child’s entitle24 ment to benefits under this subsection has termi25 nated under paragraph (1)(F) and for purposes of 


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1 determining his initial entitlement to such benefits 

2 under clause (iii) of paragraph (1)(B)) not to have 

3 attained such age until the first day of the first 

4 month following the end of the quarter or semester 

5 in which he is enrolled at such time (or, if the sec6 ondary school or educational institution in which he 

7 is enrolled is not operated on a quarter or semester 

8 system, until the first day of the first month fol9 lowing the completion of the course in which the 

10 child is so enrolled or until the first day of the third 

11 month beginning after such time, whichever first oc12 curs).’’. 

13 (2) EFFECTIVE DATE.—The amendments made 

14 by this subsection shall apply to child’s insurance 

15 benefits that are payable for months beginning on or 

16 after January 1, 2024. 

17 (b) RAILROAD RETIREMENT ACT.— 

18 (1) Section 2(d) of the Railroad Retirement Act 

19 of 1974 (45 U.S.C. 232(2)(d)) is amended— 

20 (A) in clause (iii) of paragraph (1), by 

21 striking ‘‘will be less than nineteen years of age 

22 and a full-time elementary or secondary school 

23 student’’ and inserting ‘‘will be less than 22 

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1 cational institution (as defined in section 

2 202(d)(7)(E) of the Social Security Act)’’; and 

3 (B) in paragraph (4)— 

4 (i) by striking ‘‘(defining the terms 

5 ‘full-time elementary or secondary school 

6 student’ and ‘elementary or secondary 

7 school’)’’; 

8 (ii) by striking ‘‘nineteen’’ and insert9 ing ‘‘22’’; 

10 (iii) by striking ‘‘full-time elementary 

11 or secondary school student’’ and inserting 

12 ‘‘full-time student at an educational insti13 tution’’; 

14 (iv) by striking ‘‘subparagraph (A) of 

15 paragraph (7) of section 202(d) of the So16 cial Security Act and without the applica17 tion of subparagraph (B)’’ and inserting 

18 ‘‘subparagraph (E) of section 202(d)(7) of 

19 the Social Security Act, without regard to 

20 subparagraph (F) of such section’’; 

21 (v) by striking ‘‘a diploma or equiva22 lent certificate from a secondary school (as 

23 defined in section 202(d)(7)(c)(i) of the 

24 Social Security Act)’’ and inserting ‘‘a di25 ploma, degree, or equivalent certificate 


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1 from a secondary school or educational in2 stitution described in section 202(d)(7)(E) 

3 of the Social Security Act’’; and 

4 (vi) by striking ‘‘elementary or sec5 ondary school in which he is enrolled’’ and 

6 inserting ‘‘school or institution in which 

7 the child is enrolled’’. 

8 (2) Section 5(c)(7) of the Railroad Retirement 

9 Act of 1974 (45 U.S.C. 235(c)(7)) is amended— 

10 (A) by striking ‘‘full-time elementary or 

11 secondary school student’’ and inserting ‘‘full12 time student at an educational institution’’; and 

13 (B) by striking ‘‘19’’ and inserting ‘‘22’’. 

14 (3) The amendments made by this subsection 

15 shall apply to benefits under the Railroad Retire16 ment Act of 1974 that are payable for months be17 ginning on or after January 1, 2024. 

18 SEC. 6. PAYROLL TAX ON REMUNERATION UP TO CON19 TRIBUTION AND BENEFIT BASE AND MORE 

20 THAN $250,000. 

21 (a) IN GENERAL.—Paragraph (1) of section 3121(a) 

22 of the Internal Revenue Code of 1986 is amended to read 

23 as follows: 

24 ‘‘(1) in the case of taxes imposed by sections 

25 3101(a) and 3111(a), for any calendar year in which 


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1 the contribution and benefit base (as determined 

2 under section 230 of the Social Security Act) is less 

3 than $250,000, so much of the remuneration (other 

4 than remuneration referred to in the succeeding 

5 paragraphs of this subsection) with respect to em6 ployment that has been paid to an individual by an 

7 employer during the calendar year as exceeds such 

8 contribution and benefit base but does not exceed 

9 $250,000;’’. 

10 (b) CONFORMING AMENDMENTS.— 

11 (1) SUCCESSOR EMPLOYERS.—Section 3121 of 

12 the Internal Revenue Code of 1986 is amended by 

13 adding at the end the following new subsection: 

14 ‘‘(aa) SPECIAL RULES FOR SUCCESSOR EMPLOY15 ERS.—For purposes of subsection (a)(1), if an employer 

16 (hereinafter referred to as successor employer) during any 

17 calendar year acquires substantially all the property used 

18 in a trade or business of another employer (hereinafter 

19 referred to as a predecessor), or used in a separate unit 

20 of a trade or business of a predecessor, and immediately 

21 after the acquisition employs in his trade or business an 

22 individual who immediately prior to the acquisition was 

23 employed in the trade or business of such predecessor, 

24 then, for the purpose of determining the amount of remu25 neration paid by the successor employer under such subVerDate Sep 11 2014 01:42 Feb 28, 2023 Jkt 039200 PO 00000 Frm 00020 Fmt 6652 Sfmt 6201 E:\BILLS\S393.IS S393

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1 section, any remuneration (other than remuneration re2 ferred to in the paragraphs succeeding paragraph (1) of 

3 subsection (a)) with respect to employment paid (or con4 sidered under this subsection as having been paid) to such 

5 individual by such predecessor during such calendar year 

6 and prior to such acquisition shall be considered as having 

7 been paid by such successor employer.’’. 

8 (2) APPLICATION TO RAILROAD RETIREMENT

9 TAXES.—Clause (i) of section 3231(e)(2)(A) of such 

10 Code is amended to read as follows: 

11 ‘‘(i) IN GENERAL.—For any calendar 

12 year in which the applicable base is less 

13 than $250,000, the term ‘compensation’ 

14 does not include so much of the remunera15 tion paid during any calendar year to an 

16 individual by an employer for services ren17 dered as an employee to such employer as 

18 exceeds the applicable base but does not 

19 exceed $250,000.’’. 

20 (c) EFFECTIVE DATE.—The amendments made by 

21 this section shall apply to remuneration paid on or after 

22 January 1 of the first calendar year that begins after the 

23 date of enactment of this Act. 


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1 SEC. 7. TAX ON NET EARNINGS FROM SELF-EMPLOYMENT 

2 UP TO CONTRIBUTION AND BENEFIT BASE 

3 AND MORE THAN $250,000. 

4 (a) IN GENERAL.—Paragraph (1) of section 1402(b) 

5 of the Internal Revenue Code of 1986 is amended to read 

6 as follows: 

7 ‘‘(1) in the case of the tax imposed by section 

8 1401(a) for any taxable year beginning in a calendar 

9 year in which the contribution and benefit base (as 

10 determined under section 230 of the Social Security 

11 Act) is less than $250,000, the excess (if any) of— 

12 ‘‘(A) so much of the net earnings from 

13 self-employment which is in excess of— 

14 ‘‘(i) an amount equal to the contribu15 tion and benefit base (as determined under 

16 section 230 of the Social Security Act) 

17 which is effective for the calendar year in 

18 which such taxable year begins, minus 

19 ‘‘(ii) the amount of the wages paid to 

20 such individual during such taxable years, 

21 over 

22 ‘‘(B) the sum of— 

23 ‘‘(i) the excess (if any) of— 

24 ‘‘(I) the net earning from self25 employment reduced by the excess (if 


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•S 393 IS

1 any) of subparagraph (A)(i) over sub2 paragraph (A)(ii), over 

3 ‘‘(II) $250,000, reduced by such 

4 contribution and benefit base, plus 

5 ‘‘(ii) the amount of the wages paid to 

6 such individual during such taxable year in 

7 excess of such contribution and benefit 

8 base and not in excess of $250,000; or’’. 

9 (b) EFFECTIVE DATE.—The amendments made by 

10 this section shall apply to net earnings from self-employ11 ment derived, and remuneration paid, on or after January 

12 1 of the first calendar year that begins after the date of 

13 enactment of this Act. 

14 SEC. 8. TAX ON INVESTMENT GAIN. 

15 (a) INCREASE IN TAX.— 

16 (1) IN GENERAL.—Subsection (a) of section 

17 1411 of the Internal Revenue Code of 1986 is 

18 amended by striking ‘‘3.8 percent’’ each place it ap19 pears and inserting ‘‘16.2 percent’’. 

20 (2) CONFORMING AMENDMENT.—The heading 

21 for chapter 2A of the Internal Revenue Code of 

22 1986 is amended by striking ‘‘UNEARNED IN23 COME MEDICARE CONTRIBUTION’’ and 

24 inserting ‘‘ADDITIONAL TAX ON UNVerDate Sep 11 2014 01:42 Feb 28, 2023 Jkt 039200 PO 00000 Frm 00023 Fmt 6652 Sfmt 6201 E:\BILLS\S393.IS S393

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•S 393 IS

1 EARNED INCOME IN LIEU OF SOCIAL 

2 SECURITY AND MEDICARE TAXES’’. 

3 (b) INCLUSION OF ACTIVE TRADE OR BUSINESS IN4 COME.— 

5 (1) IN GENERAL.—Section 1411(c)(1)(A) of the 

6 Internal Revenue Code of 1986 is amended— 

7 (A) in clause (i), by striking ‘‘, other than 

8 such income which is derived in the ordinary 

9 course of a trade or business not described in 

10 paragraph (2)’’, 

11 (B) in clause (ii), by striking ‘‘described in 

12 paragraph (2)’’ and inserting ‘‘(determined 

13 under rules similar to the rules of paragraphs 

14 (5) and (6) of section 469(c))’’, and 

15 (C) in clause (iii), by striking ‘‘other than 

16 property held in a trade or business not de17 scribed in paragraph (2)’’. 

18 (2) DENIAL OF DEDUCTION FOR NET OPER19 ATING LOSSES.—Section 1411(c)(1)(B) of such Code 

20 is amended by inserting ‘‘(other than the deduction 

21 for net operating losses provided in section 172)’’ 

22 after ‘‘net gain’’. 

23 (3) CONFORMING AMENDMENTS.— 

24 (A) Section 1411(c) of such Code is 

25 amended by striking paragraphs (2), (3), and 


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•S 393 IS

1 (4) and by redesignating paragraphs (5) and 

2 (6) as paragraphs (2) and (3), respectively. 

3 (B) Section 1411(c)(3) of such Code, as 

4 redesignated by subparagraph (A), is amended 

5 to read as follows: 

6 ‘‘(3) SPECIAL RULE.—Net investment income 

7 shall not include— 

8 ‘‘(A) any item taken into account in deter9 mining self-employment income for such taxable 

10 year on which a tax is imposed by section 1401, 

11 or 

12 ‘‘(B) any item taken into account in deter13 mining wages received with respect to employ14 ment for such taxable year on which a tax is 

15 imposed by section 3101.’’. 

16 (c) EFFECTIVE DATE.—The amendments made by 

17 this section shall apply to taxable years beginning after 

18 the date of enactment of this Act. 

19 SEC. 9. SOCIAL SECURITY TRUST FUND ESTABLISHED. 

20 (a) IN GENERAL.—Section 201(a) of the Social Secu21 rity Act (42 U.S.C. 401(a)) is amended to read as follows: 

22 ‘‘(a) There is hereby created on the books of the 

23 Treasury of the United States a trust fund to be known 

24 as the ‘Social Security Trust Fund’. The Social Security 

25 Trust Fund shall consist of the securities held by the SecVerDate Sep 11 2014 01:42 Feb 28, 2023 Jkt 039200 PO 00000 Frm 00025 Fmt 6652 Sfmt 6201 E:\BILLS\S393.IS S393

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•S 393 IS

1 retary of the Treasury for the Federal Old-Age and Sur2 vivors Insurance Trust Fund and the Federal Disability 

3 Insurance Trust Fund and the amount standing to the 

4 credit of the Federal Old-Age and Survivors Insurance 

5 Trust Fund and the Federal Disability Insurance Trust 

6 Fund on the books of the Treasury on January 1 of the 

7 first calendar year beginning after the date of the enact8 ment of section 9 of the Social Security Expansion Act, 

9 which securities and amount the Secretary of the Treasury 

10 is authorized and directed to transfer to the Social Secu11 rity Trust Fund, and, in addition, such gifts and bequests 

12 as may be made as provided in subsection (i)(1), and such 

13 amounts as may be appropriated to, or deposited in, the 

14 Social Security Trust Fund as hereinafter provided. There 

15 is hereby appropriated to the Social Security Trust Fund 

16 for the first fiscal year that begins after the date of the 

17 enactment of section 9 of the Social Security Expansion 

18 Act, and for each fiscal year thereafter, out of any moneys 

19 in the Treasury not otherwise appropriated, amounts 

20 equivalent to 100 percent of— 

21 ‘‘(1) the taxes imposed by chapter 21 (other 

22 than sections 3101(b) and 3111(b)) of the Internal 

23 Revenue Code of 1986 with respect to wages (as de24 fined in section 3121 of such Code) reported to the 

25 Secretary of the Treasury pursuant to subtitle F of 


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•S 393 IS

1 the Internal Revenue Code of 1986, as determined 

2 by the Secretary of the Treasury by applying the ap3 plicable rates of tax under such chapter (other than 

4 sections 3101(b) and 3111(b)) to such wages, which 

5 wages shall be certified by the Commissioner of So6 cial Security on the basis of the records of wages es7 tablished and maintained by such Commissioner in 

8 accordance with such reports; 

9 ‘‘(2) the taxes imposed by chapter 2 (other than 

10 section 1401(b)) of the Internal Revenue Code of 

11 1986 with respect to self-employment income (as de12 fined in section 1402 of such Code) reported to the 

13 Secretary of the Treasury on tax returns under sub14 title F of such Code, as determined by the Secretary 

15 of the Treasury by applying the applicable rate of 

16 tax under such chapter (other than section 1401(b)) 

17 to such self-employment income, which self-employ18 ment income shall be certified by the Commissioner 

19 of Social Security on the basis of the records of self20 employment income established and maintained by 

21 the Commissioner of Social Security in accordance 

22 with such returns; and 

23 ‘‘(3) 62 percent of the taxes imposed under sec24 tion 1411 of the Internal Revenue Code of 1986. 


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•S 393 IS

1 The amounts appropriated by paragraphs (1), (2), and (3) 

2 shall be transferred from time to time from the general 

3 fund in the Treasury to the Social Security Trust Fund, 

4 such amounts to be determined on the basis of estimates 

5 by the Secretary of the Treasury of the taxes, specified 

6 in paragraphs (1), (2), and (3), paid to or deposited into 

7 the Treasury; and proper adjustments shall be made in 

8 amounts subsequently transferred to the extent prior esti9 mates were in excess of or were less than the taxes speci10 fied in such paragraphs. All amounts transferred to the 

11 Social Security Trust Fund under the preceding sentence 

12 shall be invested by the Managing Trustee in the same 

13 manner and to the same extent as the other assets of the 

14 Trust Fund. Notwithstanding the preceding sentence, in 

15 any case in which the Secretary of the Treasury deter16 mines that the assets of the Trust Fund would otherwise 

17 be inadequate to meet the Trust Fund’s obligations for 

18 any month, the Secretary of the Treasury shall transfer 

19 to the Trust Fund on the first day of such month the 

20 total amount which would have been transferred to the 

21 Trust Fund under this section as in effect on October 1, 

22 1990; and the Trust Fund shall pay interest to the general 

23 fund on the amount so transferred on the first day of any 

24 month at a rate (calculated on a daily basis, and applied 

25 against the difference between the amount so transferred 


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•S 393 IS

1 on such first day and the amount which would have been 

2 transferred to the Trust Fund up to that day under the 

3 procedures in effect on January 1, 1983) equal to the rate 

4 earned by the investments of the Trust Fund in the same 

5 month under subsection (d).’’. 

6 (b) REQUIRED ACTUARIAL ANALYSIS.—Section 

7 201(c) of the Social Security Act is amended by striking 

8 the fourth sentence in the matter following paragraph (5) 

9 and inserting the following: ‘‘Such report shall also include 

10 actuarial analysis of the benefit cost with respect to dis11 abled beneficiaries and their auxiliaries, to retired bene12 ficiaries and their auxiliaries, and to survivor bene13 ficiaries.’’. 

14 (c) BOARD OF TRUSTEES.— 

15 (1) BOARD OF TRUSTEES OF SOCIAL SECURITY

16 TRUST FUND.—Section 201(c) of the Social Security 

17 Act, as amended by subsection (b) of this section, is 

18 further amended in the matter preceding paragraph 

19 (1) by striking ‘‘the Federal Old-Age and Survivors 

20 Insurance Trust Fund and the Federal Disability 

21 Insurance Trust Fund (hereinafter in this title 

22 called the ‘Trust Funds’)’’ and inserting ‘‘the Social 

23 Security Trust Fund (in this title referred to as the 

24 ‘Trust Fund’)’’. 


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•S 393 IS

1 (2) CONTINUITY OF BOARD OF TRUSTEES.— 

2 The Board of Trustees of the Social Security Trust 

3 Fund created by the amendment made by subsection 

4 (a) shall be a continuous body with the Board of 

5 Trustees of the Federal Old-Age and Survivors In6 surance Trust Fund and the Federal Disability In7 surance Trust Fund in operation prior to the effec8 tive date of such amendment. Individuals serving as 

9 members of the Board of Trustees of the Federal 

10 Old-Age and Survivors Insurance Trust Fund and 

11 the Federal Disability Insurance Trust Fund as of 

12 the effective date of such amendment shall serve the 

13 remainder of their term as members of the Board of 

14 Trustees of the Social Security Trust Fund. 

15 (d) CONFORMING AMENDMENTS RELATED TO SO16 CIAL SECURITY TRUST FUND.— 

17 (1) AMENDMENT TO SECTION HEADING.—The 

18 section heading for section 201 of the Social Secu19 rity Act is amended to read as follows: ‘‘SOCIAL SE20 CURITY TRUST FUND’’. 

21 (2) BOARD OF TRUSTEES.—Section 201(c) of 

22 such Act, as amended by subsections (b) and (c)(1), 

23 is further amended— 

24 (A) in the matter preceding paragraph (1), 

25 by striking ‘‘Board of Trustees of the Trust 


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•S 393 IS

1 Funds’’ and inserting ‘‘Board of Trustees of 

2 the Trust Fund’’; 

3 (B) in paragraph (1), by striking ‘‘Trust 

4 Funds’’ and inserting ‘‘Trust Fund’’; 

5 (C) in paragraph (2)— 

6 (i) by striking ‘‘Trust Funds’’ and in7 serting ‘‘Trust Fund’’; and 

8 (ii) by striking ‘‘their’’ and inserting 

9 ‘‘its’’; 

10 (D) in paragraph (3), by striking ‘‘either 

11 of the Trust Funds’’ and inserting ‘‘the Trust 

12 Fund’’; 

13 (E) in paragraph (5)— 

14 (i) by striking ‘‘managing the Trust 

15 Funds’’ and inserting ‘‘managing the 

16 Trust Fund’’; and 

17 (ii) by striking ‘‘Trust Funds are’’ 

18 and inserting ‘‘Trust Fund is’’; 

19 (F) in the matter following paragraph (5), 

20 by striking ‘‘Trust Funds’’ each place it ap21 pears and inserting ‘‘Trust Fund’’; and 

22 (G) in the second sentence in the matter 

23 following paragraph (5), by striking ‘‘whether 

24 the Federal Old-Age and Survivors Insurance 

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•S 393 IS

1 ance Trust Fund, individually and collectively, 

2 are’’ and inserting ‘‘whether the Social Security 

3 Trust Fund is’’. 

4 (3) INVESTMENTS.—Section 201 of such Act is 

5 amended in subsections (d) and (e) by striking 

6 ‘‘Trust Funds’’ each place it appears and inserting 

7 ‘‘Trust Fund’’. 

8 (4) CREDITING OF INTEREST AND PROCEEDS

9 TO TRUST FUNDS.—Section 201(f) of such Act is 

10 amended— 

11 (A) by striking ‘‘the Federal Old-Age and 

12 Survivors Insurance Trust Fund and the Fed13 eral Disability Insurance Trust Fund shall be 

14 credited to and form a part of the Federal Old15 Age and Survivors Insurance Trust Fund and 

16 the Disability Insurance Trust Fund, respec17 tively’’ and inserting ‘‘the Social Security Trust 

18 Fund shall be credited to and form a part of 

19 the Social Security Trust Fund’’; 

20 (B) by striking ‘‘either of the Trust 

21 Funds’’ and inserting ‘‘the Trust Fund’’; and 

22 (C) by striking ‘‘such Trust Fund’’ and in23 serting ‘‘the Trust Fund’’. 

24 (5) ADMINISTRATIVE COSTS.—Section 201(g) of 

25 such Act is amended— 


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•S 393 IS

1 (A) in paragraph (1)— 

2 (i) in subparagraph (A), by striking 

3 ‘‘Of the amounts authorized to be made 

4 available out of the Federal Old-Age and 

5 Survivors Insurance Trust Fund and the 

6 Federal Disability Insurance Trust Fund 

7 under the preceding sentence’’ and all that 

8 follows through ‘‘(Public Law 103–296).’’; 

9 and 

10 (ii) in subparagraph (B)(i)— 

11 (I) by striking subclauses (II) 

12 and (III) and inserting the following: 

13 ‘‘(II) the portion of such costs which 

14 should have been borne by the Social Security 

15 Trust Fund,’’; and 

16 (II) by redesignating subclauses 

17 (IV) and (V) as subclauses (III) and 

18 (IV); 

19 (B) in paragraph (2)— 

20 (i) by striking ‘‘Trust Funds’’ and in21 serting ‘‘Trust Fund’’; and 

22 (ii) by striking the last sentence; and 

23 (C) in paragraph (4), by striking ‘‘Trust 

24 Funds’’ each place it appears and inserting 

25 ‘‘Trust Fund’’. 


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•S 393 IS

1 (6) BENEFIT PAYMENTS.—Section 201(h) of 

2 such Act is amended to read as follows: 

3 ‘‘(h) All benefit payments required to be made under 

4 this title shall be made only from the Social Security Trust 

5 Fund.’’. 

6 (7) GIFTS.—Section 201(i) of such Act is 

7 amended— 

8 (A) in paragraph (1), by striking ‘‘the 

9 Federal Old-Age and Survivors Insurance Trust 

10 Fund, the Federal Disability Insurance Trust 

11 Fund’’ and inserting ‘‘the Social Security Trust 

12 Fund’’; and 

13 (B) in paragraph (2)(B), by striking ‘‘the 

14 Federal Old-Age and Survivors Insurance Trust 

15 Fund’’ and inserting ‘‘the Social Security Trust 

16 Fund’’. 

17 (8) TRAVEL EXPENSES.—Section 201(j) of such 

18 Act is amended by striking ‘‘the Federal Old-Age 

19 and Survivors Insurance Trust Fund, or the Federal 

20 Disability Insurance Trust Fund (as determined ap21 propriate by the Commissioner of Social Security)’’ 

22 and inserting ‘‘the Social Security Trust Fund’’. 

23 (9) DEMONSTRATION PROJECTS.—Section 

24 201(k) of such Act is amended by striking ‘‘the Fed25 eral Disability Insurance Trust Fund and the FedVerDate Sep 11 2014 01:42 Feb 28, 2023 Jkt 039200 PO 00000 Frm 00034 Fmt 6652 Sfmt 6201 E:\BILLS\S393.IS S393

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•S 393 IS

1 eral Old-Age and Survivors Insurance Trust Fund, 

2 as determined appropriate by the Commissioner of 

3 Social Security’’ and inserting ‘‘the Social Security 

4 Trust Fund’’. 

5 (10) BENEFIT CHECKS.—Section 201(m) of 

6 such Act is amended— 

7 (A) in paragraph (2), by striking ‘‘each of 

8 the Trust Funds’’ and inserting ‘‘the Social Se9 curity Trust Fund’’; 

10 (B) in paragraph (3), by striking ‘‘one of 

11 the Trust Funds’’ and inserting ‘‘the Trust 

12 Fund’’; and 

13 (C) by striking ‘‘such Trust Fund’’ each 

14 place it appears and inserting ‘‘the Trust 

15 Fund’’. 

16 (11) CONFORMING REPEALS.— 

17 (A) IN GENERAL.—Section 201 of such 

18 Act is amended by striking subsections (b), (l), 

19 and (n). 

20 (B) REDESIGNATIONS.—Section 201 of 

21 such Act is further amended— 

22 (i) by redesignating subsections (c) 

23 through (j) as subsections (b) through (i), 

24 respectively; 


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•S 393 IS

1 (ii) by redesignating subsection (k) as 

2 subsection (j); and 

3 (iii) by redesignating subsection (m) 

4 as subsection (k). 

5 (C) REFERENCES TO REDESIGNATED SEC6 TIONS.— 

7 (i) Section 201(a) of such Act, as 

8 amended by subsection (a) of this section, 

9 is further amended— 

10 (I) by striking ‘‘subsection 

11 (i)(1)’’ and inserting ‘‘subsection 

12 (h)(1)’’; and 

13 (II) by striking ‘‘subsection (d)’’ 

14 and inserting ‘‘subsection (c)’’. 

15 (ii) Section 1131(b)(1) of such Act is 

16 amended by striking ‘‘section 201(g)(1)’’ 

17 and inserting ‘‘section 201(f)(1)’’. 

18 (e) OTHER CONFORMING AMENDMENTS TO SOCIAL

19 SECURITY ACT.— 

20 (1) TITLE II.—Title II of the Social Security 

21 Act (42 U.S.C. 401 et seq.) is amended— 

22 (A) in section 202(x)(3)(B)(iii), by striking 

23 ‘‘the Federal Old-Age and Survivors Insurance 

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•S 393 IS

1 ance Trust Fund, as appropriate,’’ and insert2 ing ‘‘the Social Security Trust Fund’’; 

3 (B) in section 206(d)(5), by striking ‘‘the 

4 Federal Old-Age and Survivors Insurance Trust 

5 Fund and the Federal Disability Insurance 

6 Trust Fund, as appropriate’’ and inserting ‘‘the 

7 Social Security Trust Fund’’; 

8 (C) in section 206(e)(3)(B), by striking 

9 ‘‘the Federal Old-Age and Survivors Insurance 

10 Trust Fund and the Federal Disability Insur11 ance Trust Fund’’ and inserting ‘‘the Social Se12 curity Trust Fund’’; 

13 (D) in section 208(b)(5)(A), by striking 

14 ‘‘the Federal Old-Age and Survivors Insurance 

15 Trust Fund and the Federal Disability Insur16 ance Trust Fund, as appropriate’’ and inserting 

17 ‘‘the Social Security Trust Fund’’; 

18 (E) in section 215(i)(1)(F)— 

19 (i) in clause (i)— 

20 (I) by striking ‘‘the combined 

21 balance in the Federal Old-Age and 

22 Survivors Insurance Trust Fund and 

23 the Federal Disability Insurance 

24 Trust Fund’’ and inserting ‘‘the balVerDate Sep 11 2014 01:42 Feb 28, 2023 Jkt 039200 PO 00000 Frm 00037 Fmt 6652 Sfmt 6201 E:\BILLS\S393.IS S393

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•S 393 IS

1 ance in the Social Security Trust 

2 Fund’’; and 

3 (II) by striking ‘‘and reduced by 

4 the outstanding amount of any loan 

5 (including interest thereon) thereto6 fore made to either such Fund from 

7 the Federal Hospital Insurance Trust 

8 Fund under section 201(l)’’; and 

9 (ii) in clause (ii)— 

10 (I) by striking ‘‘the Federal Old11 Age and Survivors Insurance Trust 

12 Fund and the Federal Disability In13 surance Trust Fund’’ and inserting 

14 ‘‘the Social Security Trust Fund’’; 

15 and 

16 (II) by striking ‘‘(other than pay17 ments’’ and all that follows through 

18 ‘‘from that Account’’; 

19 (F) in section 217(g)(2), by inserting after 

20 the first sentence the following: ‘‘For purposes 

21 of any such revision of the amount determined 

22 under paragraph (1) that occurs in a year that 

23 begins after the year in which the Social Secu24 rity Expansion Act is enacted, any reference in 

25 such paragraph to the Federal Old-Age and 


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•S 393 IS

1 Survivors Insurance Trust Fund or the Federal 

2 Disability Insurance Trust Fund shall be 

3 deemed to be a reference to the Social Security 

4 Trust Fund.’’; 

5 (G) in section 221(e)— 

6 (i) by striking ‘‘Trust Funds’’ each 

7 place it appears and inserting ‘‘Trust 

8 Fund’’; and 

9 (ii) by striking the last sentence; 

10 (H) in section 221(f), by striking ‘‘Trust 

11 Funds’’ and inserting ‘‘Trust Fund’’; 

12 (I) in section 222(d)— 

13 (i) in the section heading, by striking 

14 ‘‘TRUST FUNDS’’ and inserting ‘‘TRUST

15 FUND’’; 

16 (ii) in paragraph (1), by striking ‘‘to 

17 the end that savings will accrue to the 

18 Trust Funds as a result of rehabilitating 

19 such individuals, there are authorized to be 

20 transferred from the Federal Old-Age and 

21 Survivors Insurance Trust Fund and the 

22 Federal Disability Insurance Trust Fund’’ 

23 and inserting ‘‘to the end that savings will 

24 accrue to the Trust Fund as a result of re25 habilitating such individuals, there are auVerDate Sep 11 2014 01:42 Feb 28, 2023 Jkt 039200 PO 00000 Frm 00039 Fmt 6652 Sfmt 6201 E:\BILLS\S393.IS S393

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•S 393 IS

1 thorized to be transferred from the Social 

2 Security Trust Fund’’; and 

3 (iii) by amending paragraph (4) to 

4 read as follows: 

5 ‘‘(4) The Commissioner of Social Security shall deter6 mine according to such methods and procedures as the 

7 Commissioner may deem appropriate the total amount to 

8 be reimbursed for the cost of services under this sub9 section.’’; 

10 (J) in section 228(g)— 

11 (i) in the section heading, by striking 

12 ‘‘FEDERAL OLD-AGE AND SURVIVORS IN13 SURANCE TRUST FUND’’ and inserting 

14 ‘‘SOCIAL SECURITY TRUST FUND’’; and 

15 (ii) in the matter preceding paragraph 

16 (1), by striking ‘‘Federal Old-Age and Sur17 vivors Insurance Trust Fund’’ and insert18 ing ‘‘Social Security Trust Fund’’; 

19 (K) in section 231(c), by striking ‘‘Trust 

20 Funds’’ each place it appears and inserting 

21 ‘‘Trust Fund’’; and 

22 (L) in section 234(a)(1), by striking 

23 ‘‘Trust Funds’’ and inserting ‘‘Trust Fund’’. 

24 (2) TITLE VII.—Title VII of the Social Security 

25 Act (42 U.S.C. 901 et seq.) is amended— 


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•S 393 IS

1 (A) in section 703(j), by striking ‘‘Federal 

2 Disability Insurance Trust Fund, the Federal 

3 Old-Age and Survivors Insurance Trust Fund,’’ 

4 and inserting ‘‘Social Security Trust Fund’’; 

5 (B) in section 708(c), by striking ‘‘the 

6 ‘OASDI trust fund ratio’ under section 201(l),’’ 

7 after ‘‘computing’’; 

8 (C) in section 709— 

9 (i) in subsection (a), by striking ‘‘Fed10 eral Old-Age and Survivors Insurance 

11 Trust Fund and the Federal Disability In12 surance Trust Fund’’ and inserting ‘‘Social 

13 Security Trust Fund’’; and 

14 (ii) in subsection (b)— 

15 (I) in paragraph (1), by striking 

16 ‘‘section 201(l) or’’; and 

17 (II) in paragraph (2), by striking 

18 ‘‘Federal Old-Age and Survivors In19 surance Trust Fund and the Federal 

20 Disability Insurance Trust Fund’’ and 

21 inserting ‘‘Social Security Trust 

22 Fund’’; and 

23 (D) in section 710— 

24 (i) in subsection (a), by striking ‘‘Fed25 eral Old-Age and Survivors Insurance 


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•S 393 IS

1 Trust Fund and the Federal Disability In2 surance Trust Fund’’ and inserting ‘‘Social 

3 Security Trust Fund’’; and 

4 (ii) in subsection (b)— 

5 (I) by striking ‘‘any Trust Fund 

6 specified in subsection (a)’’ and in7 serting ‘‘the Social Security Trust 

8 Fund’’; and 

9 (II) by striking ‘‘payments from 

10 any such Trust Fund’’ and inserting 

11 ‘‘payments from the Social Security 

12 Trust Fund’’. 

13 (3) TITLE XI.—Title XI of the Social Security 

14 Act (42 U.S.C. 1301 et seq.) is amended— 

15 (A) in section 1106(b), by striking ‘‘the 

16 Federal Old-Age and Survivors Insurance Trust 

17 Fund, the Federal Disability Insurance Trust 

18 Fund’’ and inserting ‘‘the Social Security Trust 

19 Fund’’; 

20 (B) in section 1129(e)(2)(A), by striking 

21 ‘‘the Federal Old-Age and Survivors Insurance 

22 Trust Fund or the Federal Disability Insurance 

23 Trust Fund, as determined appropriate by the 

24 Secretary’’ and inserting ‘‘the Social Security 

25 Trust Fund’’; 


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•S 393 IS

1 (C) in sections 1131(b)(2) and 1140(c)(2), 

2 by striking ‘‘the Federal Old-Age and Survivors 

3 Insurance Trust Fund’’ and inserting ‘‘the So4 cial Security Trust Fund’’; 

5 (D) in section 1145(c)— 

6 (i) by striking paragraphs (1) and (2) 

7 and inserting the following: 

8 ‘‘(1) the Social Security Trust Fund;’’; and 

9 (ii) by redesignating paragraphs (3) 

10 and (4) as paragraphs (2) and (3), respec11 tively; and 

12 (E) in section 1148(j)(1)(A)— 

13 (i) in the first sentence, by striking 

14 ‘‘the Federal Old-Age and Survivors Insur15 ance Trust Fund and the Federal Dis16 ability Insurance Trust Fund’’ and insert17 ing ‘‘the Social Security Trust Fund’’; and 

18 (ii) by striking the second sentence. 

19 (4) TITLE XVIII.—Title XVIII of the Social Se20 curity Act (42 U.S.C. 1395) is amended— 

21 (A) in section 1817(g), by striking ‘‘Fed22 eral Old-Age and Survivors Insurance Trust 

23 Fund and from the Federal Disability Insur24 ance Trust Fund’’ and inserting ‘‘Social Secu25 rity Trust Fund’’; 


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•S 393 IS

1 (B) in section 1840(a)(2), by striking 

2 ‘‘Federal Old-Age and Survivors Insurance 

3 Trust Fund or the Federal Disability Insurance 

4 Trust Fund’’ and inserting ‘‘Social Security 

5 Trust Fund’’; and 

6 (C) in section 1841(f), by striking ‘‘Fed7 eral Old-Age and Survivors Insurance Trust 

8 Fund and from the Federal Disability Insur9 ance Trust Fund’’ and inserting ‘‘Social Secu10 rity Trust Fund’’. 

11 (f) CONFORMING AMENDMENTS OUTSIDE OF SOCIAL

12 SECURITY ACT.— 

13 (1) BUDGET.— 

14 (A) OFF-BUDGET EXEMPTION.—Section 

15 405(a) of the Congressional Budget Act of 

16 1974 (2 U.S.C. 655(a)) is amended by striking 

17 ‘‘Federal Old-Age and Survivors Insurance and 

18 Federal Disability Insurance Trust Funds’’ and 

19 inserting ‘‘Social Security Trust Fund’’. 

20 (B) SEQUESTRATION EXEMPTION.—Sec21 tion 255(g)(1)(A) of the Balanced Budget and 

22 Emergency Deficit Control Act of 1985 (2 

23 U.S.C. 905(g)(1)(A)) is amended by striking 

24 ‘‘Payments to Social Security Trust Funds’’ 


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•S 393 IS

1 and inserting ‘‘Payments to the Social Security 

2 Trust Fund’’. 

3 (2) TAX.— 

4 (A) TAXABLE WAGES.—Section 3121(l)(4) 

5 of the Internal Revenue Code of 1986 is 

6 amended by striking ‘‘Federal Old-Age and 

7 Survivors Insurance Trust Fund and the Fed8 eral Disability Insurance Trust Fund’’ and in9 serting ‘‘Social Security Trust Fund’’. 

10 (B) OVERPAYMENTS.— 

11 (i) Section 6402(d)(3)(C) of the Inter12 nal Revenue Code of 1986 is amended by 

13 striking ‘‘Federal Old-Age and Survivors 

14 Insurance Trust Fund or the Federal Dis15 ability Insurance Trust Fund, whichever is 

16 certified to the Secretary as appropriate by 

17 the Commissioner of Social Security’’ and 

18 inserting ‘‘Social Security Trust Fund’’. 

19 (ii) Subsection (f)(2)(B) of section 

20 3720A of title 31, United States Code, is 

21 amended by striking ‘‘Federal Old-Age and 

22 Survivors Insurance Trust Fund or the 

23 Federal Disability Insurance Trust Fund, 

24 whichever is certified to the Secretary of 

25 the Treasury as appropriate by the ComVerDate Sep 11 2014 01:42 Feb 28, 2023 Jkt 039200 PO 00000 Frm 00045 Fmt 6652 Sfmt 6201 E:\BILLS\S393.IS S393

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•S 393 IS

1 missioner of Social Security’’ and inserting 

2 ‘‘Social Security Trust Fund’’. 

3 (3) FALSE CLAIMS PENALTIES.—Subsection 

4 (g)(2) of section 3806 of title 31, United States 

5 Code, is amended— 

6 (A) in subparagraph (B)— 

7 (i) by striking ‘‘Secretary of Health 

8 and Human Services’’ and inserting ‘‘Com9 missioner of Social Security’’; and 

10 (ii) by striking ‘‘Federal Old-Age and 

11 Survivors Insurance Trust Fund’’ and in12 serting ‘‘Social Security Trust Fund’’; and 

13 (B) in subparagraph (C)— 

14 (i) by striking ‘‘Secretary of Health 

15 and Human Services’’ and inserting ‘‘Com16 missioner of Social Security’’; and 

17 (ii) by striking ‘‘Federal Disability In18 surance Trust Fund’’ and inserting ‘‘Social 

19 Security Trust Fund’’. 

20 (4) RAILROAD RETIREMENT BOARD.—Section 7 

21 of the Railroad Retirement Act of 1974 (45 U.S.C. 

22 231f) is amended— 

23 (A) in subsection (b)(2), by striking ‘‘Fed24 eral Old-Age and Survivors Insurance Trust 

25 Fund and the Federal Disability Insurance 


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•S 393 IS

1 Trust Fund’’ and inserting ‘‘Social Security 

2 Trust Fund’’; 

3 (B) in subsection (c)(2)— 

4 (i) by striking ‘‘Secretary of Health, 

5 Education, and Welfare’’ each time it ap6 pears and inserting ‘‘Commissioner of So7 cial Security’’; and 

8 (ii) by striking ‘‘Federal Old-Age and 

9 Survivors Insurance Trust Fund, the Fed10 eral Disability Insurance Trust Fund,’’ 

11 each time it appears and inserting ‘‘Social 

12 Security Trust Fund’’; and 

13 (C) in subsection (c)(4), by striking ‘‘Fed14 eral Old-Age and Survivors Insurance Trust 

15 Fund, the Federal Disability Insurance Trust 

16 Fund,’’ and inserting ‘‘Social Security Trust 

17 Fund’’. 

18 (g) RULE OF CONSTRUCTION.—Effective beginning 

19 on January 1 of the first calendar year beginning after 

20 the date of the enactment of this section, any reference 

21 in law to the ‘‘Federal Old-Age and Survivors Insurance 

22 Trust Fund’’ or the ‘‘Federal Disability Insurance Trust 

23 Fund’’ is deemed to be a reference to the Social Security 

24 Trust Fund. 


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1 (h) EFFECTIVE DATE.—The amendments made by 

2 this section shall take effect on January 1 of the first cal3 endar year beginning after the date of the enactment of 

4 this section. 

Æ 


kjohnson on DSK79L0C42PROD with BILLS